Oil price fall for a second day amidst high stockpile

Oil fell for a second day today adding to a slump in the previous session after stockpiles rose for the sixth week to its highest level in more than eight decades.

The unprecedented rise in oil stockpiles has sapped the strength of a two month rally in prices.

Brent is trading at $40.15 per barrel on a day analysts have called the worst for oil in recent times as producers prepare for their April 17 meeting in Doha.

Nigeria, Angola, Saudi Arabia,  Qatar, Ecuador, Algeria, Russia, Venezuela and Kuwait have confirmed they will attend the meeting.